Idea is to have same Name for share two times, but with different write-/read-rights and host-allows. If this is the only share you have in your config, you could export some options/settings to [global] to reduce redundancy.

access-check you could do with: testparm /path/to/smb.conf hostname hostIP

Thanks for replying xx4h, I thought that it will work but this time I created a test folder TEST and assigned permissions READ ONLY = YES, WRITEABLE =NO (On First Machine) and READ ONLY = NO, WRITEABLE =YES (On Second Machine). On First M. it is not opening folder and on Second Machine it is asking for the password. I have updated the Question on the TEST SCENARIO.
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OmiPenguinMay 15 '13 at 7:54